According to a release from the city, the Jaguars would fund $20 million for the improvements while the city would put up $43 million.

The city's share would be taken from "revenue sources that are already being directed to the stadium," the release said.

"In these challenging fiscal times, I was determined to find a funding source that would not increase the burden on Jacksonville taxpayers or impact our general fund budget, which pays for critical priorities like public safety, parks, and libraries," Mayor Alvin Brown said. "With this agreement, we have achieved both goals. The City has long collected revenue from guests at Jacksonville hotels. It was already going to stadium upgrades. Now it will be invested in one of the most significant enhancements in the history of EverBank Field."

According to the city, the EverBank Field enhancements will include:

-New video scoreboards in each end zone, the dimensions of which will make them the largest of their kind in the world.

-A new scoreboard control room equipped with state-of-the-art software.

-A new platform area in the north end zone with unique food and beverage offerings, interactive activities and North Florida-themed imagery and water features which will give EverBank Field a distinct personality and flavor consistent with the Jacksonville market.

The agreement will be presented to the City Council on Wednesday. If the council approves that agreement, construction will begin in January 2014 and be finished by mid-July 2014